Electronics design software company Altium (ASX:ALU) has reported that it has been hit hard by the global downturn, recording a loss after income tax of $US10.4 million for the year to 30 June 2010.
The result follows a $US8.39 million loss in the 2009 financial year.
The company also recorded revenues of $US45 million for the 2010 financial year, down 11 per cent year on year.
According to Altium chief executive Nick Martin, despite difficult conditions the company had been able to stay focused on its longer-term objectives.
“Our goal is to emerge as a much stronger business as these conditions improve,” he said in an ASX statement.
“In the meantime we continue to invest in and drive our bigger objective of helping the electronics industry move forward to harness new and exciting technologies and opportunities.”
Matin said sales in the second half of the year had grown across all regions, excluding China where the company’s licence compliance business program had petered out, but the company remained cautious for the new financial year.
“We will continue to manage the business with this in mind, looking to push our technology and product development programs forward while keeping the business safe from the ups and downs of today’s economic realties.”